Powerica IPO is a book-built public issue worth ₹1,100.00 crore. The IPO consists of two components. The company is issuing 1.77 crore fresh shares aggregating to ₹700.00 crore, while existing shareholders are offering 1.01 crore shares through an Offer for Sale (OFS) aggregating to ₹400.00 crore.
The Powerica IPO will open for subscription from March 24, 2026 to March 27, 2026. The allotment is expected to be finalised on March 30, 2026. The shares are proposed to be listed on both BSE and NSE on April 2, 2026.
The price band for the issue has been fixed at ₹375 – ₹395 per share. Investors must apply in lots of 37 shares. At the upper price band, the minimum investment required for retail investors is ₹14,615.
For Non-Institutional Investors (NIIs), the investment requirement is higher. The small NII (sNII) category requires a minimum of 14 lots (518 shares), amounting to ₹2,04,610. The big NII (bNII) category requires a minimum of 69 lots (2,553 shares), amounting to ₹10,08,435.
ICICI Securities Ltd. is acting as the Book Running Lead Manager (BRLM) and MUFG Intime India Pvt. Ltd. is the registrar to the issue.
(Source: DRHP)
Company Overview
Powerica Limited is a power solutions company engaged in manufacturing and supplying diesel generator sets (DG sets) for both prime and backup power applications.
The company offers generator sets ranging from 7.5 kVA to 10,000 kVA, catering to diverse industrial, commercial, and infrastructure requirements.
Business Segments:
Generator Set Business Division
- DG sets powered by Cummins engines
- Low horsepower: 7.5 kVA to 160 kVA
- Medium horsepower: 180 kVA to 500 kVA
- High horsepower: Above 500 kVA
- Manufacturing facilities located at Bengaluru (Karnataka), Silvassa (Dadra and Nagar Haveli), and Khopoli (Maharashtra)
Wind Power Business Division
- Owns and operates 11 wind power projects in Gujarat
- Total installed capacity of 279.55 MW (as of March 31, 2025)Retrofit Emission Control Devices (RECD)
- Through associate company Platino Automotive
(Source: RHP)
Industry Context
- India’s power backup market is driven by rising infrastructure development, urbanization, and industrial growth.
- Increasing demand for reliable power solutions in data centres, manufacturing, healthcare, and telecom supports DG set demand.
- Government focus on renewable energy expansion has increased wind power capacity additions.
- Stricter emission norms and environmental regulations influence generator set technology upgrades.
- The sector faces competition from renewable energy solutions and grid reliability improvements.
(Source: RHP)
Business Strengths
- Established presence in the generator set market
- Strategic collaborations with Cummins and other industry players
- Strong technical and execution capabilities
- Diversified customer base across industries
- Integrated manufacturing facilities
- Established wind power portfolio
(Source: RHP)
Financial Performance
Powerica Limited – Financials (₹ in crore)
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 2,729.73 | 2,414.83 | 2,084.91 | 2,125.81 |
| Total Income | 1,474.87 | 2,710.93 | 2,356.77 | 2,422.42 |
| Profit After Tax | 134.55 | 175.83 | 226.11 | 106.45 |
| EBITDA | 220.42 | 345.66 | 362.45 | 333.21 |
| Net Worth | 1,214.52 | 1,085.60 | 912.49 | 794.60 |
| Reserves & Surplus | 1,158.99 | 1,070.95 | 898.67 | 777.88 |
| Total Borrowings | 571.95 | 300.8 | 177.52 | 278.88 |
(Source: RHP)
Key Ratios & Metrics (FY25)
| KPI | FY25 |
|---|---|
| ROE (Return on Equity) | 17.53% |
| ROCE (Return on Capital Employed) | 27.02% |
| Debt/Equity | 0.24 |
| RoNW (Return on Net Worth) | 15.37% |
| PAT Margin | 6.49% |
| EBITDA Margin | 13.03% |
| Price to Book Value | 3.96 |
(Source: RHP)
IPO Objects
The net proceeds from the fresh issue are proposed to be utilised towards:
- ₹525 crore for prepayment or repayment of certain outstanding borrowings
- Remaining amount for general corporate purposes
(Source: RHP)
Market Outlook & GMP Trends
The GMP for Powerica IPO has recently started tracking in the grey market, with activity observed over the last two sessions. As the GMP trend is still in its early stages, it is premature to determine a clear direction or listing premium at this point.
We are updating GMP information on a daily basis. Investors are advised to stay tuned for the latest GMP updates and expected listing price indications as the subscription period progresses.
Note: The GMP prices shown here are only news related to the grey market. We do not trade or deal in the grey market or subject to rates (sub2), nor do we recommend trading in the grey market. Grey market data is unofficial and should not be considered a reliable indicator of actual listing performance or investment returns.
(Source: Market updates)
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 24 – 27 March, 2026 |
| Listing Date | Thursday, April 2, 2026 |
| Face Value | ₹5 per share |
| Price Band | ₹375 – ₹395 |
| Lot Size | 37 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Issue + OFS |
| Total Issue Size | ₹1,100 Cr |
| Minimum Retail Investment | ₹14,615 |
| Maximum Retail Investment | ₹1,89,995 |
| Listing Exchange | BSE, NSE |
Conclusion
Powerica IPO offers exposure to India’s power solutions and backup energy market, supported by its established generator set business and wind power portfolio.
The company has demonstrated steady revenue generation and profitability, with moderate leverage and improving return ratios. The fresh issue proceeds are largely aimed at debt reduction, which may strengthen the balance sheet.
However, the generator set industry remains sensitive to regulatory changes, emission norms, and competition from renewable energy alternatives. Investors should evaluate valuation comfort, demand sustainability, and sector dynamics before making an investment decision.
Disclaimer: Investment in securities market is subject to market risks. Read all the related documents carefully before investing. This content is purely for information purpose only and in no way is to be considered as an advice or recommendation. The securities are quoted as an example and not as a recommendation. Investors are requested to do their own due diligence before investing.
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